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E-Commerce Letters 2025
数字经济、金融发展与企业创新投入
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Abstract:
创新投入是技术进步的驱动力，数字经济和金融发展是经济运行和创新的环境。分析数字经济、金融发展对我国科技创新投入影响机理并提出假设，收集2007~2023年沪深A股上市公司数据实证研究发现：数字经济、金融发展增加投资机会，降低企业融资成本，对企业增加科技创新投入有显著的正向影响，政府科技激励、FDI促进企业创新，但资产负债率对企业创新投入呈负向影响。建议促进金融发展、数字经济与信息科技引导融合，减轻科技创新投入成本，提高创新投入的精准度，促进金融区域均衡发展，利用内外市场两种资源，扩大研发资金渠道，发挥有为政府的引导，激发企业创新动力，提高企业研发能力。
Innovation investment is the driving force of technological progress, and digital economy and financial development are the environment of economic operation and innovation. By analyzing the mechanism of digital economy and financial development on China’s scientific and technological innovation input and putting forward hypotheses, 137 listed companies in Shanghai and Shenzhen A-shares were collected for empirical research. The results show that the development of digital economy and finance increases investment opportunities, reduces the financing cost of enterprises, and has a significant positive impact on enterprises’ increase of investment in scientific and technological innovation. The government science and technology incentive and FDI promote enterprise innovation, but the asset-liability ratio has a negative impact on enterprise innovation investment. It is suggested to strengthen the integration of financial development with information technology and digital economy, reduce the cost of scientific and technological innovation, improve the precision of innovation investment, promote the balanced development of financial regions, make use of internal and external market resources, expand the sources of R&D funds, stimulate the power of scientific and technological innovation, and improve the ability of R&D investment of enterprises.
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